FEBAX vs. TCAF

Last updated Jun 9, 2026

FEBAX (First Eagle Global Income Builder Fund Class A) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both funds - FEBAX is a Global Allocation fund actively managed by First Eagle, while TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, FEBAX returned 18.63% vs 17.40% for TCAF. A 0.54 correlation means they provide meaningful diversification when combined. FEBAX charges 1.17%/yr vs 0.31%/yr for TCAF.

Performance

FEBAX vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Global Income Builder Fund Class A (FEBAX) and T. Rowe Price Capital Appreciation Equity ETF (TCAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEBAX achieves a 6.72% return, which is significantly higher than TCAF's 4.53% return.

FEBAX

• 1D: -1.48%
• 1M: -2.01%
• YTD: 6.72%
• 6M: 9.01%
• 1Y: 18.63%
• 3Y*: 14.66%
• 5Y*: 8.77%
• 10Y*: 8.31%

TCAF

• 1D: -0.20%
• 1M: -0.52%
• YTD: 4.53%
• 6M: 5.02%
• 1Y: 17.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FEBAX vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FEBAX First Eagle Global Income Builder Fund Class A	6.72%	26.23%	8.12%	2.37%
TCAF T. Rowe Price Capital Appreciation Equity ETF	4.53%	15.45%	20.93%	8.40%

Correlation

The correlation between FEBAX and TCAF is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.54

The correlation between FEBAX and TCAF has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.

Return for Risk

FEBAX vs. TCAF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FEBAX

FEBAX Risk / Return Rank: 58
FEBAX Sharpe Ratio Rank: 72
FEBAX Sortino Ratio Rank: 68
FEBAX Omega Ratio Rank: 72
FEBAX Calmar Ratio Rank: 42
FEBAX Martin Ratio Rank: 37

TCAF

TCAF Risk / Return Rank: 44
TCAF Sharpe Ratio Rank: 47
TCAF Sortino Ratio Rank: 46
TCAF Omega Ratio Rank: 47
TCAF Calmar Ratio Rank: 34
TCAF Martin Ratio Rank: 42

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FEBAX vs. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Global Income Builder Fund Class A (FEBAX) and T. Rowe Price Capital Appreciation Equity ETF (TCAF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FEBAX	TCAF	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.50	+0.68
Sortino ratio: Return per unit of downside risk	2.96	2.07	+0.89
Omega ratio: Gain probability vs. loss probability	1.41	1.27	+0.14
Calmar ratio: Return relative to maximum drawdown	2.17	1.54	+0.63
Martin ratio: Return relative to average drawdown	7.18	6.15	+1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEBAX vs. TCAF - Sharpe Ratio Comparison

The current FEBAX Sharpe Ratio is 2.18, which is higher than the TCAF Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of FEBAX and TCAF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FEBAX	TCAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	1.50	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.20	-0.34

Drawdowns

FEBAX vs. TCAF - Drawdown Comparison

The maximum FEBAX drawdown since its inception was -23.04%, which is greater than TCAF's maximum drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for FEBAX and TCAF.

Drawdown Indicators

	FEBAX	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-23.04%	-16.37%	-6.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.65%	-11.33%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	-8.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-23.04%	—	—
Current Drawdown Current decline from peak	-4.87%	-2.82%	-2.05%
Average Drawdown Average peak-to-trough decline	-2.94%	-2.06%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.83%	-0.22%

Volatility

FEBAX vs. TCAF - Volatility Comparison

The current volatility for First Eagle Global Income Builder Fund Class A (FEBAX) is 2.23%, while T. Rowe Price Capital Appreciation Equity ETF (TCAF) has a volatility of 3.25%. This indicates that FEBAX experiences smaller price fluctuations and is considered to be less risky than TCAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEBAX	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	3.25%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	7.38%	9.05%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	11.68%	-3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.99%	13.98%	-4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.25%	13.98%	-4.73%

FEBAX vs. TCAF - Expense Ratio Comparison

FEBAX has a 1.17% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

FEBAX vs. TCAF - Dividend Comparison

FEBAX's dividend yield for the trailing twelve months is around 3.90%, more than TCAF's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEBAX First Eagle Global Income Builder Fund Class A	3.90%	4.14%	5.39%	2.80%	3.03%	7.61%	3.07%	2.49%	2.40%	2.51%	3.13%	3.38%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.48%	0.50%	0.43%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEBAX and TCAF in my portfolio?

FEBAX and TCAF have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEBAX or TCAF?

TCAF has higher volatility (3.25%) compared to FEBAX (2.23%). In terms of maximum drawdown, FEBAX dropped -23.04% vs TCAF's -16.37%.

Which has better risk-adjusted returns?

FEBAX currently has the higher Sharpe Ratio (2.18 vs 1.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.